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Evidence Guide: FNSFLT201 - Develop and use a personal budget

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT201 - Develop and use a personal budget

What evidence can you provide to prove your understanding of each of the following citeria?

Identify and discuss budgeting as a financial tool

  1. Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life
  2. Discuss importance of setting financial goals
  3. Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting
Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss importance of setting financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare to develop a personal budget

  1. Record all income and expenses for a six-month period to assist in estimating expenditure requirements
  2. Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time
  3. Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet
Record all income and expenses for a six-month period to assist in estimating expenditure requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a personal budget

  1. Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period
  2. Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income
  3. Explore allocation of surplus funds towards saving and meeting identified financial goals
Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore allocation of surplus funds towards saving and meeting identified financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and monitor the personal budget

  1. Follow budget according to plan for a period of time
  2. Record actual expenses and income for period during which budget is implemented
  3. Compare budgeted expenses and income with actual amounts and modify budget where necessary
  4. Discuss handy hints for managing personal budget
  5. Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary
Follow budget according to plan for a period of time

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record actual expenses and income for period during which budget is implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare budgeted expenses and income with actual amounts and modify budget where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss handy hints for managing personal budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and discuss budgeting as a financial tool

1.1 Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life

1.2 Discuss importance of setting financial goals

1.3 Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting

2. Prepare to develop a personal budget

2.1 Record all income and expenses for a six-month period to assist in estimating expenditure requirements

2.2 Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time

2.3 Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet

3. Develop a personal budget

3.1 Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period

3.2 Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income

3.3 Explore allocation of surplus funds towards saving and meeting identified financial goals

4. Implement and monitor the personal budget

4.1 Follow budget according to plan for a period of time

4.2 Record actual expenses and income for period during which budget is implemented

4.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary

4.4 Discuss handy hints for managing personal budget

4.5 Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and discuss budgeting as a financial tool

1.1 Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life

1.2 Discuss importance of setting financial goals

1.3 Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting

2. Prepare to develop a personal budget

2.1 Record all income and expenses for a six-month period to assist in estimating expenditure requirements

2.2 Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time

2.3 Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet

3. Develop a personal budget

3.1 Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period

3.2 Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income

3.3 Explore allocation of surplus funds towards saving and meeting identified financial goals

4. Implement and monitor the personal budget

4.1 Follow budget according to plan for a period of time

4.2 Record actual expenses and income for period during which budget is implemented

4.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary

4.4 Discuss handy hints for managing personal budget

4.5 Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary